What happens if a country goes bankrupt?

I am certainly not an expert on this issue, but a few of the following things will happen:1. The currency of that country would collapse and it would be worth less than the paper the money are printed on.2. Economic output would decline dramatically.3. The retail and service sector would be decimated.4. High unemployment rates5. The price of imports would increase since the currency of the bankrupt country would be worth less to nothing.6. Financial assistance would not be available from inside the country.7. A serious decline in the standard of living.

2 thoughts on “What happens if a country goes bankrupt?”

  1. I agree with Mrs. Jude Garner. Obama is the worst thing that has ever happened to U.S.A. He has escalated the national debt hugely. We need much smaller government, not government that is in our schools, retail, offices, churches, health issues, financial, etc. There is almost nothing that the federal government is into. Whatever happened to smaller government and personal responsibility. We didn’t work incredibly hard to get where we are, saved all we could, funded a retirement plan just to have it all disappear. if everything was valued at zero, then what do people use to buy groceries, pay their light bill, pay their mortgage? Has anyone ever bothered to think about that.Related to health care – has anyone ever asked themselves – is this health bill really necessary? Really necessary? Or it is solely to make someone feel good. I would really like to know if there are any earmarks in the health bill. A $1.2 trillion program that cannot guarantee its benefits, will reduce the payments for medicare for seniors, etc, no one knows who is going to get what or pay what. I think that Obamacorn has gone over the edge on this one. This is a bill that is not necessary. Talking about personal responsibility – would you ever have expected the government to give you $8000 to buy a house? Or for those homeowners who already own a house, for them to expect the government (aka US) to give them $6500 so that they could buy a different house. Does anyone know what personal responsibility even means?! It means to be personally responsible for yourself! Not expect someone to pick up the tab so you could have some fun at someone else’s expense.I could go on and on. The current Congree is bankrupting our country and does not even seem to care. What do they think they are doing? And why are they doing what they are doing? It sure seems that most members of Congress no longer understand what it means to live within your means, pay your bills on time, and don’t spend more than you make! Novel idea, isn’t it? Try it some time. It almost seems like there is no way out of this mess, but I am sure that if we got rid of the entire Congress, all the staff in Washington, D.C., the president and all his czars, start over with people who are ethical and people of integrity. Cut everything to the bone. Only spend what we absolutely need, not what we absolutely want. There is a difference. We must get back on track. The U.S.A. does not even own our own country! That is a travesty! A real shame.

  2. Should our country end up bankrupt, you would own your homes and the land they are on. It would also mean no police or fire protection and forget the money you think you have, it is worth nothing.So we need to get our representatives to finally listen to work on bringing down the debt level and not making more debt. That means no further wars because war is expensive and we can’t afford them. It also means higher taxes for everyone and getting rid of the fat form government, we all must work and be leaner even if we don’t want to be. If we don’t all work together we will end up bankrupt and not even a good 3rd world country.

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